Timeline to Buying a Home

National Home Moving Day is marked this year in England and Wales on 19 August 2024. Historically, the annual event takes place at the start of the week before the busiest day for home movers, usually the last Friday in August, which can be almost four times busier than an average moving day.

This year, Friday 23 August is expected to see most conveyancing transactions complete, as the bank holiday weekend gives movers time to settle in before families return to school and work.

The aim of National Moving Day is to identify and address common challenges faced by individuals and families during the final stages of their move.

Organisers hope to bring together various key players in the home moving industry, including removal agents, storage providers, estate agents and solicitors as a vehicle to drive positive change in the conveyancing sector.

By working together and raising awareness, the aim is to streamline and enhance the overall home moving experience for the benefit of everyone involved.

To mark the event, in this blog, our experienced Residential Conveyancers consider the key steps involved in buying a home.

Step one: Find your dream home.

Every property purchase begins with a search. It might take two days, two months, or even two years to find your ideal property.

If you are buying with the help of a mortgage, having a mortgage in principle in place can sometimes help speed up the conveyancing process. However, it is important to bear in mind that most mortgage agreements in principle (AIP) are typically valid for between 60 and 90 days.

If your AIP runs out while you are still searching, you may have to reapply.

Step two: Instruct a conveyancer.

Once you have found your new home and had an offer on a property accepted, you should instruct an experienced residential conveyance.

A solicitor plays an important role in a property sale or purchase, handling the legal side of the transaction and serving as a key point of contact throughout.

Don’t just rely on a Google search when looking for a conveyancer. Ask friends or family for their recommendations. Working with someone you trust and can communicate with is a huge benefit and will ensure the process runs smoothly.

Bookers & Bolton has extensive experience helping individuals and families in our local community of Alton, Hampshire, and beyond, with their home moves.

Our residential conveyancing team can advise you on all types of residential property transactions for both leasehold and freehold properties.

To speak to one of our experienced conveyancers, call 01420 558335 or complete a free online enquiry.

Step three: Arrange a survey.

A survey is not a legal requirement of a property purchase, but it is always recommended as it alerts buyers to potential defects or possible risks to the structural integrity of a building.

If anything is flagged in the survey as an issue, it can be used to renegotiate the purchase price.

Your conveyancer will confirm the instructions and contact the seller’s solicitor for the contract pack.

Step four: Pre-contract.

The seller’s solicitor will prepare a contract of sale outlining the terms and conditions relating to the property transfer, which your conveyancer will then review.

Step five: Searches and enquiries.

Your solicitor will undertake the relevant searches, raise any enquiries with the sellers and obtain a copy of your mortgage offer.

Read more about the searches that are involved in conveyancing here.

The seller and their conveyancer answer the raised enquiries and return these to your conveyancer, who will also check all the necessary paperwork.

Step six: Exchange of contracts.

When all queries have been resolved to the satisfaction of the buyer and the seller, and both parties are happy with the terms, you and your seller agree on a completion date and arrangements are made for the payment of your deposit (usually 10% of the purchase price) in preparation for the exchange of contracts.

Once contracts are exchanged, the sale becomes legally binding.

Step seven: Preparing for completion.

Your conveyancer prepares a draft transfer deed and completion information form, which are sent to the seller’s conveyance.

Once this is approved, a final copy is made for you and the seller to sign.

Step eight: Completion.

On the agreed completion date, the buyer pays the remaining purchase price, and the seller transfers ownership of the property.

Congratulations, you have the keys to your new home!

Step nine: Post-completion matters.

After completion, your conveyancer registers the change of ownership with HM Land Registry and takes care of other matters, including paying any stamp duty land tax (SDLT) and providing you with the title deeds.

Conveyancers Alton

Bookers & Bolton has a 100-year history as a law firm proud to serve our local community of Alton, Hampshire and beyond.

We can help with a wide range of property matters, including:

• Sale and Purchase of Freehold and Leasehold Properties.
• First-time buyers.
• Buy to Let.
• Help to Buy.
• Shared Ownership Schemes.

For most people, buying or selling a property can be extremely daunting. Our specialist property lawyers are not only experienced and knowledgeable but also approachable, making the stresses of moving house or business easier to manage and giving you peace of mind.

Bookers & Bolton is a Conveyancing Quality Scheme accredited firm and can provide specialist conveyancing services if you are buying or selling a freehold or leasehold property.

We will guide you through the entire process of buying or selling a property, expertly taking care of the necessary stages to ensure your transaction progresses efficiently and as quickly as possible.